primero q1 2014 presentation final

First Quarter 2014 Results May 8, 2014

TSX:P I NYSE:PPP I 2

This presentation may contain “forward-looking” statements within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or the anticipated performance of the Company and reflect management’s expectations or beliefs regarding such future events and anticipated performance. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, ”estimates”, ”forecasts”, ”intends”, ”anticipates” or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, ”could”, “would”, ”might”, or “will be taken”, “occur” or “be achieved”, or the negative of these words or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual performance of the Company to be materially different from any anticipated performance expressed or implied by the forward-looking statements. Such factors include various risks related to the Company’s operations, including, without limitation, fluctuations in spot and forward markets for gold, silver and other metals, fluctuations in currency markets, changes in national and local governments in Mexico and the speculative nature of mineral exploration and development, risks associated with obtaining necessary exploitation and environmental licenses and permits, and the presence of laws that may impose restrictions on mining. A complete list of risk factors are described in the Company’s annual information form and will be detailed from time to time in the Company’s continuous disclosure, all of which are, or will be available, for review on SEDAR at www.sedar.com.

This presentation uses the terms “measured resources”, “indicated resources” and “inferred resources”. The Company advises readers that although these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), the United States Securities and Exchange Commission does not recognize them. Readers are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted in to reserves. In addition, “inferred resources” have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, or economic studies, except for a Preliminary Assessment as defined under NI43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.

Although the Company has attempted to identify important factors that could cause actual performance to differ materially from that described in forward-looking statements, there may be other factors that cause its performance not to be as anticipated. The Company neither intends nor assumes any obligation to update these forward-looking statements or information to reflect changes in assumptions or circumstances other than required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those currently anticipated. Accordingly, readers should not place undue reliance on forward-looking statements.

Unless otherwise indicated, all dollar values herein are in US$.

Cautionary Statement


Management Participants

Joseph F. Conway President & Chief Executive Officer

Renaud Adams Chief Operating Officer

David Blaiklock Chief Financial Officer


A Transition Quarter

o Brigus acquisition closed

o Earnings impacted by transaction costs and higher stock based compensation due to 71% appreciation in share price during the quarter

o Balance sheet remains strong

o Increased San Dimas production

o San Dimas Phase I Expansion completed

o Higher spot silver sales

o Significant increase in reserves and resources

o Goldcorp secondary share sale completed


San Dimas Production

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Q1 2013 Q1 2014

San Dimas Production (AuEq ounces)

+29%

Q1 2014 Q1 2013

Mill Throughput1

(tonnes per day) 2,422 2,042

Gold equivalent production2

(gold equivalent ounces) 35,662 27,656

Gold production (ounces) 28,182 24,190

Silver production3

(million ounces) 1.51 1.37

Gold grade (grams per tonne) 4.76 4.20

Silver grade (grams per tonne) 260 242

All-in Sustaining Costs4

($ per gold ounce) $893 $914

Cash cost4

($ per AuEq ounce) $632 $719

Cash cost4– by-product

($ per gold ounce) $455 $589

See final slide for footnotes.


Black Fox Production

March 5 - March 31 Q1 2014 Q1 2013

Mill Throughput1

(tonnes per day) 1,538 1,665 2,042

Gold Production (gold ounces)

4,096 13,298 26,316

Gold grade (grams per tonne)

3.36 2.96 4.74

All-in Sustaining Costs4

($ per gold ounce) $1,480 $1,825 $1,056

Cash cost4

($ per gold ounce) $1,154 $1,409 $656



Financial Results

(US$ thousands, except per share amounts) Q1 2014 Q1 2013

Revenues 48,269 46,321

Earnings from Mine Operations 8,265 15,706

Net income (loss) (9,087) 17,325

EPS ($ per share)

(0.07) 0.18

Adjusted net loss5

(2,882) 9,415

Adjusted EPS5

($ per share) (0.02) 0.10

Operating cash flows6

before changes in working capital 6,509 19,309

CFPS6

($ per share) 0.05 0.20


30

40

50

Q1 2013 Q1 2014

Revenues ($thousands)

+4%


$86M

STRONG Cash Balance

Balance Sheet & Liquidity

Growth plans funded with no shareholder dilution


$112M9

PRUDENT Debt Level

Current Est. Cash ($86.4M as of March 31, 2014, less $20.9 Brigus notes repaid April 4, 2014 less Goldcorp note $27.2 assumed repaid on closing of line of credit)

Line of credit10

~$38M

$75M

~$113M LIQUIDITY

March 31, 2014 May 8, 2014


111

143 160 165 165

75

120 120

95

2012 2013 2014E 2015E 2016E

Cerro del Gallo

Black Fox

San Dimas

TARGETED GROWTH PROFILE 2,7,11

(Thousand Gold Equivalent O

unces)

How we are building value in Primero

1. Provide for sufficient financial liquidity

2. Ensure measured growth

3. Disciplined cost management

4. Maintain low-risk jurisdictions only

5. Demonstrate responsible mining

380-400

225-245

280-290


Our Strategic Focus


* Includes Cerro del Gallo. See final slide for footnotes.

Maintain Strong Outlook for 2014

Record 2013 production

Black Fox San Dimas Outlook 2014

Gold equivalent production2 (gold equivalent ounces)

70,000-80,000 155,000-165,000 225,000-245,000

Gold production (ounces)

70,000-80,000 115,000-125,000 185,000-205,000

Silver production3 (million ounces)

- 6.25-6.50 6.25-6.50

All-in Sustaining Costs4 ($ per gold ounce)

$1,300-$1,400 $725-$825 $1,100-$1,200

Cash cost4

($ per gold equivalent ounce) $850-$900 $575-$600 $650-$700

Capital Expenditures ($ millions)

$31.2 $38.3 $80.0*

Exploration ($ millions)

$16.8 $15.7 $35.0*

OVERVIEW OF ASSETS


Builds on Established Presence in Mexico

San Dimas Mine

(AT DECEMBER 31, 2013, MINERAL RESOURCES INCLUDE MINERAL RESERVES)

Au Reserves (Moz) 0.87

Au M&I Resources (Moz) 1.00

Au Inferred Resources (Moz) 1.00

Ag Reserves (Moz) 49.8

Ag M&I Resources (Moz) 57.7

Ag Inferred Resources (Moz) 72.6

Ventanas Property (AT JANUARY 27 2009)

Ind. Resources (koz AuEq.) 34.0

Inferred Resources (koz AuEq.) 70.0

Cerro del Gallo (AT DECEMBER 31, 2012, MINERAL RESOURCES EXCLUDE MINERAL RESERVES)



Ag Reserves (Moz) 15.3

Ag M&I Resources (Moz) 20.6

Cu Reserves (M lbs) 56.4

Cu M&I Resources (M lbs) 103.4

Black Fox Mine

(AT DECEMBER 31, 2013, MINERAL RESOURCES INCLUDE MINERAL RESERVES)



Inferred Resources (Moz) 0.04

Grey Fox (AT JULY 2, 2013)

Au Indicated Resources (Moz) 0.51

Au Inferred Resources (Moz) 0.23

Producing Mine Development Project Exploration Property

Head Office (Toronto)

Low-Risk Mining Jurisdictions

Balanced pipeline of growth


Location Durango-Sinaloa State Border Ownership 100% Metals Gold & Silver (Silver subject to Purchase Agreement3)

Mining Underground cut and fill and long-hole Capacity 2,500 TPD

One of Mexico’s Most Significant Precious

Metals Deposits


SAN DIMAS 2013 Outlook 2014

Gold equivalent production2 (gold equivalent ounces)

143,114 155,000-165,000

Gold production (ounces)

111,983 115,000-125,000

Silver production3 (million ounces)

6.05 6.25-6.50

All-in Sustaining Costs4 ($ per gold ounce)

$858 $725-825

Cash cost4

($ per gold equivalent ounce) $599 $575-600

Cash cost4– by-product ($ per gold ounce)

$389 $340-360

Capital Expenditures ($ millions)

$53.1 $38.3

Exploration ($ millions)

$14.6 $15.7

SAN DIMAS

A Flagship Asset

District produced 11M oz gold, 600M oz silver


Central Block Discovery (Roberta, Robertita & Santa Lucía veins)

Acquisition of Luismin by Wheaton River

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

-

50,000

100,000

150,000

200,000

250,000

1998

1999

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

2010

2011

2012

2013

2014

E

2015

E

Gold (oz)

Gold Equivalent (AuEqoz)

Gold Grade (g/t) RH

Gold

Gra

de (g

/t)

Sinaloa Graben Discovery Subsequent Acquisition of San Dimas by Primero

San Dimas Historical Production (AuEq ounces)

CURRENT RESERVE GRADE

SAN DIMAS

Proven History of Production


Mine Production of

2,150 tpd

Base Production

Mine Optimized to

3,000 tpd

1,500

2,000

2,500

3,000

2011 2012 2013 2014E 2015E 2016E 2017E

San Dimas Tonnes Per Day

Phase 1 Mill Expansion to

2,500 tpd

Target Mine Production of

2,750 tpd

Mine Production

of 2,500 tpd

Phase 2 Mill Expansion

Scoping Study

Current Capacity

3,000 tpd Target

Phase 2 Mill Expansion to

3,000 tpd

SAN DIMAS

Potential Phase 2 Expansion


o Victoria vein Gold Reserves increased to 195,000 oz at 11.5 g/t

o 2014 $15.7 million exploration program

o 22,500 hectare package

o 80,000 metres of drilling:

35,000 metres delineation drilling

25,000 metres exploration drilling, plus 2,500 metres of exploration drifting

20,000 meters regional exploration drilling

o Targeting high-grade central corridor, close to existing infrastructure

Long History of Reserve Replacement

SAN DIMAS

Proven Exploration Success


BLACK FOX

Prospective, Mining Friendly Jurisdiction

Destor-Porcupine Fault


Location Timmins, Ontario Ownership 100% (8% gold stream at $504/oz12)

Metals Gold Mining Open pit & underground Capacity 2,200 TPD Mine Life Open Pit: ~3 years, U/G: ~7 years

Mineral Resources and Mineral Reserves (DECEMBER 31, 2013, MINERAL RESOURCES INCLUDE MINERAL RESERVES)

CLASSIFICATION TONNAGE ( TONNES)

GOLD GRADE (G/T)

CONT. GOLD ( OUNCES)

Mineral Reserves

Proven & Probable 4,469,000 4.6 660,800

Mineral Resources (includes Mineral Reserves)

Measured & Indicated 4,942,149 5.2 822,542

Inferred 270,998 5.1 44,172

BLACK FOX

Another Opportunity to Unlock Value

Black Fox Gold Pour

Black Fox Mill Note: Refer to Slide 33 for details.


BLACK FOX

Short Term Focus

Increase underground throughput

o Total 2014 budget of $48 million for 10 months

o Increase underground throughput:

Increase delineation and definition drilling

Increase short term development drifting by 150%

Increase active long-hole stopes to 3 (from 1 currently)

Add new underground equipment to improve productivity

o Increase open-pit grade:

Pre-stripping of third phase is now complete and grades expected to increase as benches get deeper

o Open exploration drift at 500 level

Provides improved drilling access to 2013 high-grade intercepts

-

500

1,000

1,500

2,000

2,500

Q1 2014 Q4 2014E

Black Fox Throughput Target (TPD)

Open Pit

Open Pit

U/G

U/G


MINE RESERVE/ RESOURCE DEPTH (m)

SHAFT/ RAMP DEPTH

(m)

RESERVE GRADE (g/t

Au)

RESOURCE GRADE (g/t

Au)

Holloway Mine 900 864 4.5 4.3

Doyon 1,040 1,040 n.a. 4.4

Holt Mine 1,200 1,075 4.7 4.3

Timmins West 1,200 1,200 5.2 5.5

Hoyle Pond 1,290 2,200 17.1 12.9

McIntyre 1,300 1,300 8.9 8.9

Lapa 1,600 1,400 5.9 5.2

Dome 1,665 1,665 4.4 4.3

Kirkland Lake 1,750 1,750 14.0 15.0

Hollinger 1,800 1,800 9.1 9.1

Westwood 2,650 2,650 9.9 11.1

LaRonde 3,200 2,860 5.0 4.6

Average 1,633 1,651 8.1 7.5

Black Fox 510 390 4.6 5.3

BLACK FOX

Open for Expansion at Depth

Black Fox Open-Pit

Note: Based on public data.


BLACK FOX

Open for Expansion Laterally & at Depth


29th April, 2013 News Release

12.88gpt / 11.3m

3.40gpt / 15.4m Incl. 7.68gpt /

3.4m

15.02gpt / 3.3m

Level 500ml Exploration Drift, total of 800m length in 2014/15


CERRO DEL GALLO INCREASES PRIMERO’SPRODUCTION BY 60%12 Location 4 km from Black Fox - Timmins, ON

Ownership 100% (No gold stream)

Metals Gold

Mining Open pit potential & Underground

Exploration 3 rigs on site

Permitting Currently underway

Mineral Resources and Mineral Reserves (July 3, 2013)

CLASSIFICATION TONNES (M)

CAPPED Au (g/t)

CONTAINED Au (oz)

Indicated Resources 4.3 3.7 507,400

Total Inferred Resources 1.5 4.7 228,600

GREY FOX

Promising Exploration Project

Grey Fox Aerial

Grey Fox Core Note: Refer to Slide 35 for details.


o Since acquiring the Black Fox Complex Primero has drilled 34 holes or 9,469 metres

o Raised Cdn$9 million in a flow-through financing for Grey Fox and Pike River drilling

GREY FOX

High Grade Gold Drilling Results

Note: Refer to News Release dated May 8, 2014 “Primero Reports High Grade Gold Drilling Results at Grey Fox”

Hole Zone From (m)

To (m)

Core Width

(m)

Gold Grade

g/t

Metal Factor grams X core

width

GF14-831 147 Zone 127.7 163.0 35.3 5.6 199.4

GF14-834 147 Zone 149.0 180.0 31.0 3.6 110.4

GF14-838 147 Zone 142.0 173.0 31.0 6.2 190.6

GF14-826 Grey Fox

South 35.0 51.0 16.0 3.1 49.8

GF14-835 Grey Fox

South 69.0 79.0 10.0 7.0 70.1


CERRO DEL GALLO INCREASES PRIMERO’SPRODUCTION BY 60%12 Location Guanajuato State

Ownership 100%

Metals Gold, silver & copper

Mining Open pit, heap leach, and/or conventional mill

Excellent Infrastructure: Active mining district, skilled local workforce, grid power, water, sealed roads, equipment suppliers and established transport routes

Supportive Community: District has produced 1.14 billion ounces of silver and 6.5 million ounces of gold over its 450 year mining history

2014 Budget: $12.9 million

Construction Decision: Expected by July 2014, contingent on project achieving a 15% IRR at $1,100/oz gold

CERRO DEL GALLO

Potential Near Term Production

Cerro del Gallo Deposit

Cerro del Gallo Exploration Office

Potential near-term 95,000 AuEq. oz


Q4 2014 Black Fox Underground at ~1,000 TPD Replacing lower-grade open pit ounces

Q3 2014 Cerro del Gallo Update Announce results of optimization at Cerro del Gallo and potential construction decision

Q2/Q3 2014 Black Fox Reserves Release 2013 Reserves and Resources incorporating new drilling

Q1 2014 San Dimas expansion to 2,500 TPD completed Expansion increases annual production capacity to 160,000AuEq.oz

Catalysts & News Flow

Q3 2014 San Dimas 3,000 TPD Decision Potential expansion decision


Investment Opportunity

Producing, profitable and growing

o Mid-tier gold producer

o Portfolio of long-life, high-grade assets

o Located in safe mining jurisdictions

o Strong cash flow and balance sheet

o Track record of measured growth

o Below average cost structure


$150M/yr7,8

SIGNIFICANT Annual Operating Cash Flow

GROWTH planned by 2016 YE

100-180%2,7,11

Appendices


Primero sells 50% of annual silver production above 3.5 million ounces at spot

o Remainder sold at ~$4 per ounce under silver purchase agreement

o Threshold commences August 6 to following August 5

o Threshold increases to 6.0 million ounces on August 6, 2014

o Expansion anticipated to generate meaningful silver spot sales post August 6, 2014

Recent Tax Ruling Created Positive Leverage to Silver

25%

75%

SILVER AS PERCENTAGE OF 2013E REVENUE Silver Gold

SAN DIMAS

Positive Leverage to Silver


Favorable Horizon

Mineralization – Ore Bodies Extension of the Favorable Horizon

Potential

0 1 2

K I L O M E T E R S

SW NE 3,000 m.

2,000 m.

1,000 m.

3,000 m.

2,000 m.

1,000 m.

Source: San Dimas Geology Office

Intrusive

Faults

West Block 2014 EXPLORATION

San Antonio Mined 1987-2002

Central Block Mined 2002-Current

Tayoltita Block Mined 1975-Current

Arana Hanging Wall

Sinaloa Graben Mined 2012-Current

2014 EXPLORATION PROGRAM DRILLING FOR EXTENSIONS OF KNOWN VEINS

LONGITUDINAL CROSS SECTION

SAN DIMAS

District Wide Exploration Potential


2013 2014 2015 2016 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Basic Engineering

Permitting/Land Acquisition

Site Survey

Leach Pad Design & Earth Works

Infill Drilling and MET Tests

Acid Generation Tests

SART Optimization

Procurement & Detailed

Engineering

Plant & Leach Pad Construction

Commissioning

Production

Phase II Feasibility Study

30

CERRO DEL GALLO

Cerro Del Gallo Development Plan


CLASSIFICATION TONNAGE (MILLION TONNES) GOLD GRADE (G/T) SILVER GRADE

(G/ T) CONTAINED GOLD

(000 OUNCES) CONTAINED SILVER

(000 OUNCES)

Mineral Reserves Proven & Probable 4.893 5.5 315 870 49,479

Mineral Resources Measured & Indicated 4.282 7.2 419 997 57,713

Inferred 7,333 4.2 310 998 72,647

Notes to Mineral Reserve Statement: Cutoff grade of 2.7 grams per tonne (”g/t”) gold equivalent (“AuEq”) based on total operating cost of US$104.97/t. Metal prices assumed are gold US$1,250 per troy ounce and silver US$20 per troy ounce. Silver supply contract obligations have been referenced in determining overall vein reserve estimate viability. Processing recovery factors for gold and silver of 97% and 94% assumed. Exchange rate assumed is 13 pesos/US$1.00. The Mineral Reserve estimates were prepared under the supervision of Mr. Gabriel Voicu P.Geo., Vice President, Geology and Exploration, Primero and a QP for the purposes of National Instrument 43-101 (“NI 43-101”). Notes to Mineral Resource Statement: Mineral Resources are total and include those resources converted to Mineral Reserves. A 2.0g/t AuEq cutoff grade is applied and the gold equivalent is calculated at a gold price of US$1,300 per troy ounce and a silver price of US$20 per troy ounce. A constant bulk density of 2.7 tonnes/m3 has been used. The Mineral Resource estimates were prepared by Mr. Rodney Webster MAusIMM, MAIG and Mr. J. Morton Shannon P.Geo., both of AMC Mining Consultants (Canada) Ltd. and a QP for the purposes of NI 43-101.

Additional exploration potential was estimated at 6-10 million tonnes at grade ranges of 3-5 grams per tonne of gold and 200-400 grams per tonne of silver as of December 31, 2011. It should be noted that these targets are conceptual in nature. There has been insufficient exploration to define an associated Mineral Resource and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource.

SAN DIMAS



Category M Tonnes Au Au Ag Ag Cu Cu Au Eq AuEq

(g/t) (M ozs) (g/t) (M ozs) (%) (M lbs) (g/t) (M oz) Proven 28.2 0.71 0.64 15.1 13.7 0.08 50.2 1.15 1.05 Probable 4.0 0.54 0.07 13.2 1.7 0.07 6.2 0.93 0.12 Proven & Probable 32.2 0.69 0.71 14.8 15.3 0.08 56.4 1.14 1.18


(g/t) (M ozs) (g/t) (M ozs) (%) (M lbs) (g/t) (M oz) Measured 39.9 0.61 0.78 13.8 17.71 0.10 88.8 1.07 1.37 Indicated 8.0 0.55 0.14 11.0 2.83 0.08 14.6 0.92 0.24 Measured & Indicated 47.9 0.60 0.92 13.3 20.55 0.1 103.4 1.06 1.64

Total Resources Within the Gold Domain2

Phase I Heap Leach In-Pit Proven and Probable Reserves3

In-Pit Resources (excluding Proven and Probable Reserves)4,5


(g/t) (M ozs) (g/t) (M ozs) (%) (M lbs) (g/t) (M oz) Measured 129 0.54 2.24 12.0 49.8 0.09 256.0 0.94 3.91 Indicated 80 0.38 0.98 8.0 20.6 0.08 141.1 0.69 1.77 Measured & Indicated 209 0.48 3.22 11.0 70.3 0.08 396.9 0.83 5.58 Inferred 20 0.3 0.19 7.0 4.5 0.09 39.7 0.59 0.38

1. “Technical Report First Stage Heap Leach Feasibility Study, Cerro del Gallo Gold Silver Project, Guanajuato, Mexico” June 2012 (“Feasibility Study”). Gold equivalent ounces calculated by Cerro Resources using gold, silver and copper prices of US$1,341/oz, US$25.58/oz and US$7,582/t respectively. 2. These resources are reported using internal cut-off grade of 0.2 g/tAu as per Feasibility Study, 2012 and Golder Associates Technical Report, 2008.

3. These reserves are reported using internal cut-off grades of 0.24 and 0.29 gAuEq/t for weathered and partially oxidized, respectively.

4. These resources are reported using internal cut-off grades of 0.24, 0.29, and 0.34 gAuEq/t for weathered, partially oxidized, and fresh material resp. 5. See note 7 in January 23, 2013 News Release “Primero achieves 2012 Guidance and Provides 2013 Outlook”.

CERRO DEL GALLO

Reserves and In-Pit Resources1


Notes: 1. The average gold grade for Proven and Probable Reserves is adjusted for dilution while Measured and Indicated Resources is not. Contained metal in estimated reserves remains subject to

metallurgical recovery losses. 2. Black Fox reserves and resources are based on US$1,150/oz Au for 88% of production and US$500/oz Au for gold sold through the gold stream agreement from the NI 43-101 Technical

Report prepared by Tetra Tech dated January 2011. The Black Fox open pit reserves and resources are reported at a 0.88 gpt cutoff and the underground reserves and resources are reported at a 2.54 gpt cutoff. Estimated Black Fox reserves and resources are shown as at December 31, 2012, net of mining depletion from the October 31, 2010 independent Technical Report.

3. A gold price of US$1,250/oz and an exchange rate of US$1.00=C$1.00 was utilized in the gold cut-off grade calculations of 2.63 gpt for potential underground at the Contact Zone and 0.65 gpt for potential open-pit 147 Zone mineral resources. Underground and open-pit mining costs, process costs and G&A costs were estimated using experience gained from Brigus' Black Fox mine. Process recovery was assumed at 95%.

4. Disclosure of "contained ounces" is permitted under Canadian Regulations; however, the SEC permits resources to be reported only as in place tonnage and grade. 5. Paul Daigle, P.Geo of Tetra Tech is the Qualified Person who updated the Black Fox Mine Mineral Resource estimates in the Black Fox Technical Report and Dan Sweeney, P.Eng., of Tetra

Tech is the Qualified Person who reviewed the Black Fox Mineral Reserves estimates in the Black Fox Technical Report.

BLACK FOX


CLASSIFICATION TONNAGE ( TONNES)

GOLD GRADE (G/T)

CONT. GOLD ( OUNCES)

Proven & Probable Reserves Open Pit 1,457,000 3.9 182,000

Underground 2,305,000 6.1 452,900 Stockpile 707,449 1.1 25,900

Total 4,469,000 4.6 660,800

Measured & Indicated Resources, Including Reserves Open Pit 1,838,500 4.3 252,383

Underground 2,396,200 7.1 544,259

Stockpile 707,449 1.1 25,900

Total 4,942,149 5.2 822,542

Inferred Resources

Open Pit 105,180 4.0 13,672

Underground 165,808 5.7 30,500

Total 270,988 5.1 44,172


CLASSIFICATION CUT-OFF GRADE (g/t Au) POTENTIAL MATERIAL

TONNES (MILLION TONNES)

CAPPED Au (g/t) CONTAINED GOLD (000 OUNCES)

Indicated Resources >2.84 Underground 1.3 6.2 255,000

>0.72 Open Pit 3.0 2.6 252,400

Total Indicated Resources 4.3 3.7 507,400 Inferred Resources

>2.84 Underground 1.0 5.6 184,800

>0.72 Open Pit 0.5 2.8 43,800

Total Inferred Resources 1.5 4.7 228,600

Notes: 1. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category. 2. These Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. 3. While the results are presented undiluted and in situ, the reported mineral resources are considered to have reasonable prospects for economic extraction. 4. CIM definitions and guidelines were followed for Mineral Resources. 5. A gold price of US$1,400/oz and an exchange rate of US$1.00=C$1.01 was utilized in the gold cut-off grade calculations of 2.84 g/t for potential underground and 0.72 g/t for potential open-pit Mineral Resources. Underground and open-pit mining costs, process costs and G&A costs were estimated using experience gained from Brigus’ Black Fox mine. 6.The Indicated category is defined by combining various statistical criteria, such as a minimum of three drill holes within the search area, a maximum distance of 15m to the closest composite, and a maximum average distance of 25m to composites. Finally, a clipping boundary was interpreted to either upgrade or downgrade some of the resource based on confidence and geological continuity. 7. The Independent and Qualified Persons for the Grey Foc Mineral Resource Estimate, as defined by NI 43-101, are Pierre-Luc Richard, MSc, PGeo and Carl Pelletier, BSc, PGeo. of InnovExplo Inc.

GREY FOX

Mineral Resources JULY 3, 2013


Joseph F. Conway | President & C.E.O. 1

o Former CEO, President and Director of IAMGOLD from 2003 to 2010

o Former President, CEO and Director of Repadre Capital from 1995 to 2003

Renaud Adams | C.O.O.

o Former SVP, American Operations for IAMGOLD o Former General Manager of Rosebel Gold Mine

2007 to 2010 o Former General Manager El Toqui Mine in Chile

and then the El Mochito Mine in Honduras

David Blaiklock | C.F.O.

o Former controller IntraWest o Previously controller for a number of public and

private companies in real estate development

David Sandison | VP, Corporate Development

o Former VP, Corporate Development of Clarity Capital ; Director, Corporate Development Xstrata Zinc Canada ; Director Business Development, Noranda/Falconbridge; Former EVP, Noranda Chile

Tamara Brown | VP, Investor Relations

o Former Director Investor Relations for IAMGOLD o Former partner of a Toronto based, boutique

investment bank and professional engineer in mining industry

H. Maura Lendon | VP, Chief General Counsel and Corporate Secretary

o Former Senior Vice President, Chief Legal Officer and Corporate Secretary of HudBay Minerals Inc.; Chief Counsel Canada, Chief Privacy Officer - Canada of AT&T

Executive Management

Louis Toner | VP, Project Development & Construction

o Over 30 Years of Engineering and Construction experience, formerly held Senior Project Management roles with BBA Inc. and Lafarge Canada Inc.

James Mallory | VP, Corporate Responsibility

o Over 35 Years of mining experience o Former VP, Vice-President, Operations & Social

Responsibility at South American Silver o 13 Years of experience in Latin America

Gabriel Voicu | VP, Geology and Exploration

o 25 Years of mining experience, formerly held senior technical and exploration positions with Cambior and IAMGOLD


Board Committees: 1. Health, Safety and Environment 2. Human Resources 3. Governance and Nominating 4. Lead Director 5. Audit

Wade Nesmith | Chairman

o Founder of Primero o Founding and current director

of Silver Wheaton

Joseph Conway | Director see Executive Management

Grant Edey | Director 3,5

o President & CEO, Khan Resources Inc.

o Former Director of Breakwater Resources, former director of Queenstake Resources, Santa Cruz Gold

o Former CFO, IAMGOLD

Rohan Hazelton | Director 1,5

o VP, Strategy, Goldcorp o Formerly with Wheaton River

and Deloitte & Touche LLP

Timo Jauristo | Director 2

o EVP, Corporate Development, Goldcorp

o Former CEO of Zincore Metals Inc. and Southwestern Resources Corp.

Eduardo Luna | Director 1

o Former EVP & President, Mexico. Former Chairman and CEO of Silver Wheaton, Executive VP of Goldcorp and Luismin S.A. de C.V. (San Dimas) and President of Mexican Mining Chamber and the Silver Institute

Robert Quartermain | Director 2,3

o Founder and President & CEO, Pretivm Resources

o Former President, Silver Standard o Director of Vista Gold Corp.

and Canplats Resources

Michael Riley | Director 5

o Chartered accountant with more than 26 years of accounting experience

o Chair of Primero Audit Committee, Chair of Audit Committee of B.C. Lottery

Brad Marchant| Director 1

o Co-founder of Triton Mining Corporation

o Founder of BioteQ Environmental Technologies Inc.

Board of Directors

David Demers | Director2,3,4,5

o Founder, CEO and Director Westport Innovations

o Director of Cummins Westport and Juniper Engines



This presentation has been prepared in accordance with the requirements of Canadian provincial securities laws which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all mineral reserve and resource estimates included in this presentation have been prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum classification systems. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements of the United States Securities and Exchange Commission (the “SEC”), and reserve and resource estimates disclosed in this presentation may not be comparable to similar information disclosed by U.S. companies. The mineral reserve estimates in this presentation have been calculated in accordance with NI 43-101, as required by Canadian securities regulatory authorities. For United States reporting purposes, SEC Industry Guide 7 under the United States Securities Exchange Act of 1934, as amended, as interpreted by Staff of the SEC, applies different standards in order to classify mineralization as a reserve. As a result, the definition of “probable reserves” used in NI 43-101 differs from the definition in the SEC Industry Guide 7. Under SEC standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Among other things, all necessary permits would be required to be in hand or issuance imminent in order to classify mineralized material as reserves under the SEC standards. Accordingly, mineral reserve estimates contained in this presentation may not qualify as “reserves” under SEC standards. In addition, this presentation uses the terms “indicated resources” and “inferred resources” to comply with the reporting standards in Canada. The Company advises United States investors that while those terms are recognized and required by Canadian regulations, the SEC does not recognize them. United States investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into mineral reserves. Further, “inferred resources” have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, United States investors are also cautioned not to assume that all or any part of the “inferred resources” exist. In accordance with Canadian securities laws, estimates of “inferred resources” cannot form the basis of feasibility or other economic studies. It cannot be assumed that all or any part of “indicated resources” or “inferred resources” will ever be upgraded to a higher category or are economically or legally mineable. In addition, disclosure of “contained ounces” is permitted disclosure under Canadian securities laws; however, the SEC only permits issuers to report mineralization as in place tonnage and grade without reference to unit measures. NI 43-101 also permits the inclusion of disclosure regarding the potential quantity and grade, expressed as ranges, of a target for further exploration provided that the disclosure (i) states with equal prominence that the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resources, and (ii) states the basis on which the disclosed potential quantity and grade has been determined. Disclosure regarding exploration potential has been included in this presentation. United States investors are cautioned that disclosure of such exploration potential is conceptual in nature by definition and there is no assurance that exploration will result in any category of NI 43-101 mineral resources being identified.

Notes to Investors Regarding the Use of Resources


1. Based on 365 days per year. 2. “Gold equivalent ounces” include silver and copper production converted to a gold equivalent based on consensus estimated commodity prices; accounts for the San

Dimas silver purchase agreement. 3. Silver production is subject to a silver purchase agreement. The silver purchase agreement dictates that until August 6, 2014 Primero will deliver to Silver Wheaton a

per annum amount equal to the first 3.5 million ounces of silver produced at San Dimas and 50% of any excess at $4.16 per ounce (increasing by 1% per year). Thereafter Primero will deliver to Silver Wheaton a per annum amount equal to the first 6.0 million ounces of silver produced at San Dimas and 50% of any excess at $4.20 per ounce (increasing by 1% per year). The Company will receive silver spot prices only after the annual threshold amount has been delivered.

4. Cash costs and All-in Sustaining Costs are non-GAAP measures. Refer to the Company’s first quarter 2014 MD&A for a reconciliation to operating expenses. Note the calculation of all-in sustaining costs at San Dimas changed with the acquisition of a second producing asset and subsequently do not include corporate G&A.

5. Adjusted net income/earnings and adjusted net income/earnings per share are non-GAAP measures. Neither of these non-GAAP performance measures has any standardized meaning and is therefore unlikely to be comparable to other measures presented by other issuers. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the Company and certain investors use this information to evaluate the Company’s performance. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to the Company’s first quarter 2014 MD&A for a reconciliation of adjusted net income/earnings to reported net income.

6. “Operating cash flow” is operating cash flow before working capital changes. This and operating cash flows before working capital changes per share (CFPS) are non-GAAP measures which the Company believes provides a better indicator of the Company’s ability to generate cash flow from its mining operations. See the Company’s first quarter 2014 MD&A for a reconciliation of operating cash flows to GAAP.

7. Assumes San Dimas operates at least at 2,500 TPD from end of Q1 2014; and Primero management estimates for Black Fox production, based on 2,200-2,300 TPD operation and underground throughput increasing to 1,000 TPD by end of Q4 2014.

8. Estimated five-year annual average after-tax operating cash flow assuming consensus metals prices as of December 31, 2013, in dollars per ounce for gold and silver of 2014:1,350/22.13, 2015: 1,397/23.00, 2016 1,375/23.10, 2017: 1,350/23.00, 2018 and beyond: 1,300/22.40, includes tax reforms in Mexico commencing January 1, 2014.

9. Goldcorp: 5 year, 6% note with annual principal payments of $5M plus 50% of Excess Free Cash Flow, with balloon payment of balance at end of 2015; and $50 Convertible Debentures assumed from Brigus, with a 6.5% coupon an effective conversion price of $14.00 and an expiry of March 2016 (the Company has made an offer to purchase at par on May 16, 2014 according to the change of control provision in the indenture); and $20.9 million Brigus Senior Secured Notes repaid April 4th, 2014; and Financial leases of $14.6 million.

10. The Company is in the final stages of arranging a $75 million line of credit, which it expects to close in or around May 2014. 11. Assumes that Cerro Del Gallo begins production at the end of 2015, with full year production estimated at 95,000AuEq. oz in 2016. Production increase calculated

from 143,000AuEq oz in 2013. 12. Black Fox was subject to a gold purchase agreement which continues and was assumed by the Company upon its acquisition of the mine. According to the gold

purchase agreement, Sandstorm is entitled to 8% of production at the Black Fox mine and 6.3% at the Black Fox Extension. 13. Targeted Black Fox production assuming underground throughput increases from ~350 TPD in Q1 2014 to 1,000 TPD by the end of Q4 2014.

Footnotes

Tamara Brown Vice President, Investor Relations T 416 814 3168 [email protected]

Trading Symbols Common Shares TSX:P, NYSE:PPP Warrants TSX:P.WT

PRIMERO MINING CORP. 20 Queen Street West, Suite 2301 Toronto, ON M5H 3R3 T 416 814 3160 F 416 814 3170 TF 877 619 3160 www.primeromining.com

mailto:[email protected]

http://www.primeromining.com/